Will CRV Price Find Support After Whale’s Large-Scale Withdrawal?
The post Will CRV Price Find Support After Whale’s Large-Scale Withdrawal? appeared on BitcoinEthereumNews.com.
A significant whale recently withdrew 12.5 million Curve DAO Tokens (CRV) from Binance and OKX exchanges within four hours. Valued at approximately $3.17 million, this large-scale withdrawal was accompanied by substantial attention from the cryptocurrency community and market analysts. The withdrawal of such a large amount of CRV has led to bearish sentiment in the market. In the last 24 hours, CRV’s price has dropped by 1.95%, now trading at $0.2665. Additionally, CRV trading volume decreased by 2.00% to $74,760,076, indicating possible continued bearish sentiment. Market analysts closely watch CRV’s support and resistance levels, currently at $0.2509 and $0.2725, respectively. The price pattern shows a falling wedge, suggesting a potential price reversal. If the price is rejected at the upper line of the wedge, it could drop 63.22% to $0.0940. CRV Wedge Pattern Hints at Potential Rally If CRV finds support at the $0.0940 level, the market might see a significant shift. A rally of 416.06% could occur, leading to a breakout with resistance at $0.5157. The Relative Strength Index (RSI) stands at 44.75, indicating a neutral market condition. USD/CRV 24-hour price chart Source: TradingView A further price drop could push the RSI into the oversold region. The narrowing Bollinger Bands indicate a potentially significant price movement. The price below the middle band suggests a bearish market bias. If CRV finds support at $0.2560, it could break out of the falling wedge pattern. This breakout could lead to a 102.69% rally, with resistance at $0.5157. The market is in a wait-and-see mode, anticipating the next move. USD/CRV 24-hour price chart Source: TradingView CRV Price Pressured by Bearish Sentiment The whale’s withdrawal has raised questions about potential market impacts and future intentions. Such large-scale movements often signal shifts in market dynamics or upcoming activities. Market participants are speculating on the whale’s strategy and its implications for CRV. A sustained…
Filed under: News - @ August 1, 2024 11:26 am